Section 51. A housing authority of a city or town which, prior to the organization of a redevelopment authority in such city or town, has initiated an urban renewal project may complete, operate and maintain such project notwithstanding such organization of a redevelopment authority; provided, however, that if the municipal officers of such city or town so order and with the consent in writing of the holders of any bonds, notes or certificates of indebtedness of the housing authority issued for such project and then outstanding, the redevelopment authority shall take over a planned or existing urban renewal project initiated by a housing authority. The initiating authority shall use its best efforts promptly to secure the consent of all such holders and, all necessary consents having been secured, shall promptly execute an agreement with the authority which is to take over such project. Thereupon such authority shall assume, exercise, continue, perform and carry out all undertakings, obligations, duties, rights, powers, plans and activities with respect to such project and the authority which initiated the project shall have no powers and duties with respect to such project.